The benchmark indices were currently at the day's high in mid morning trade. The Nifty marched towards the 17,750 mark. Realty stocks advanced for third consecutive session.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 666.08 points or 1.13% to 59,593.41. The Nifty 50 index added 188.75 points or 1.08% to 17,735.40.
In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index, both advanced 1.15%.
The market breadth was strong. On the BSE, 2173 shares rose and 865 shares fell. A total of 146 shares were unchanged.
Investors cheered the U.S. Federal Reserve's decision to keep interest rates unchanged Wednesday. The central bank signalled that it would trim its monthly bond-buying program before year-end.
Primary Market:
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Paras Defence and Space Technologies IPO opened for subscription from Tuesday (21 September) and it will close on Thursday (23 September).
The offer comprises of a fresh issue of up to Rs 140.60 crore and an offer for sale of up to 17,24,490 equity shares (including anchor portion of 29,27,485 equity shares) in the price band of Rs 165 to Rs 175 per share.
As on 11:15 IST, the IPO received bids for 35.96 crore shares as against 71.40 lakh shares on offer. The issue was subscribed 50.36 times so far.
The company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment amounting Rs 34.657 crore, funding incremental working capital requirements amounting Rs 60 crore, repayment or prepayment of all or certain borrowings amounting Rs 12 crore and for general corporate purposes. As of 31 July 2021, its aggregate outstanding indebtedness was Rs 115.827 crore.
Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.
Buzzing Index:
The Nifty Realty index surged 4.74% to 476.10, extending gains for third day. The index has added 17.64% in three sessions.
Hemisphere Properties India (up 8.25%), Godrej Properties (up 8.03%), DLF (up 5.83%), Oberoi Realty (up 5.22%) and The Phoenix Mills (up 3.82%) were the top index gainers.
Stocks in Spotlight:
IDFC was down 0.18% at Rs 55.55. Shareholders of IDFC have rejected the proposal to re-appoint Vinod Rai as non-independent and non-executive director to the board. Vinod Rai is currently the non-executive chairman of IDFC and his term ended on 30 July 2021.
The resolution for appointment of Rai till 22 May 2023 was rejected as 62.3% shareholders voted against it. While 37.7% shareholders voted in favour, according to the information shared with the stock exchanges on 22 September 2021 post the 24th annual general meeting of the firm.
Housing Development Finance Corporation rose 0.51% to Rs 2747. The counter registered volume of 16.25 lakh shares, a 25.53-fold spurt over two-week average daily volume of 63643 shares. Volumes stood at 1.02 lakh shares in the last session.
Global Markets:
Most Asian stocks are trading higher on Thursday. Investors continue monitoring the situation surrounding China Evergrande Group. Markets in Japan are closed on Thursday.
As per reports, China Evergrande Group's chairman said the firm's top priority is to help wealth investors redeem their products, though questions remain over whether the embattled Chinese developer will pay the interest due on a dollar-denominated bond on Thursday.
US stocks rallied on Wednesday after the Federal Reserve indicated it doesn't see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.
The Fed did not give a specific timeline on when it may begin moderating its purchases. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted, the Fed's post-meeting statement said.
The central bank has been buying $120 billion a month of Treasurys and mortgage-backed securities since the start of the Covid crisis. The Federal Open Market Committee voted unanimously to keep short-term rates anchored near zero on Wednesday.
The Fed is split on the timing of the first interest rate hike. Wednesday's so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That's up from seven in June's Fed projections.
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